Dec 29 (Reuters) - Global commodities markets are set to enter 2024 buoyed by expectations of interest rate cuts by the U.S. Federal Reserve that may charge up a slowing global economy and its demand for industrial materials.
Still, rising supplies of non-OPEC crude, refined products and petrochemicals in China and India could weigh on energy markets while the liquefied natural gas (LNG) market is expected to be finely balanced.
Hopes of further stimulus measures from Beijing are lifting iron ore prices, while dry weather and export curbs are expected to strain staple food supplies.
For more on commodities outlook in 2024, see below: -------------------------------------------------------------------------- COMMODITIES MARKETS > Strong gains for cocoa, iron ore in 2023 as energy prices dip
ENERGY > YEARENDER-Big oil enters 2024 strengthened by U.S. industry consolidation > GRAPHIC-OPEC faces declining demand and shrinking market share in early 2024 > Asian refiners face diesel supply glut in 2024 > Asia fuel oil market to soften in 2024 on Kuwait, Russia supply > Global LNG markets seen 'finely balanced' in 2024 as demand under control > Oil investors to usher in 2024 amid oversupply, demand concerns > New Indian petrochemical supplies to weigh on markets
METALS > Iron ore poised to hit $150 in 2024 on Chinese stimulus, analysts say
AGRICULTURE > Global 2024 staple food supplies to be strained by dry weather, export curbs Q1 2024 COMMODITIES TECHNICALS > Brent oil may rise into $86.41-$96.48 range > U.S. oil may rise into $83.53-$86.81 range > Palm oil may rise into 4,235-4,399 ringgit range > Spot gold may climb to $2,268 > LME copper may retest support at $8,065 > LME aluminum may test resistance at $2,360 > CBOT soybeans may retest resistance at $14.00-1/2 > CBOT corn may retest resistance at $4.95-1/2 > CBOT wheat may rise into $7.06 to $8.16-1/4 range > NY coffee may retrace into $1.6015-$1.7070 range > NY cocoa may rise towards $4,466-$4,639 range > Dollar index may fall to 98.98 (Reporting by global commodities and energy team; Editing by Tomasz Janowski and Jamie Freed)
